Description: The following passage mainly mentions several information about capital one credit wise, including the payment and the judgement you may get from using it.
I can paint a picture for you, we released statistics in December and that was for the quarter in that September of last year and we have about twenty point three million credit active consumers in this country, the picture we saw was that fifty-two percent of all consumers were in good standing.
Three months or more behind in payments, they’ve got judgments, they’ve got admin orders, at the end of last year, this wasn’t even accounted for the December period and the spending when we were discussing or fair people seem to lose their minds of December.
The problem is that there’s often pressure in December to give gifts to go on holiday to spend excessively, but you have to pay for school fees, there are registration fees, textbooks and consumers typically tend to solve the problem by going out and getting more credit.
We always urge consumers to spend wisely in December, but then borrow wisely in January, what decisions you make tend to set the tone for the rest of the year, they certainly do.
Let’s talk about this forty-eight percent that we’re talking about with impaired records, as you call them, what form of assistance is out there for people that form into this bracket, the first part of call should be that when I see that, I’m going to go into distress, because it’s not something that tends to hit you overnight.
You can see two or three months, if in six months, ahead of time to see if I continue, I’m going to get into trouble, so the first thing is to contact your credit providers, most of them are quite willing to assist consumers going through a rough patch, so do not hide anything.
The problem is going to go away when they call you, you don’t answer your phone, if I can say that for every one of those 20 million consumers, every month, they create the Cray providers load information about your other credit bureaus, so even if you don’t answer your phone, you abscond on your agreements that will be loaded against your profile later bureaus.
There has been talk of Iran government circles about scrapping debt of people, the debt will be scrapped, enlighten us, what you’re referring to is what is term, the removal of adverse information project.
Those 20 million credit active consumers that means each one of us our payment profile our performance if I can put it that is loaded every month of the bureau’s, so this project is more around removing setting classes of information, it’s not all the information.
But most importantly, even if the information where to be removed your obligations to repair your debts of the consumer would still remain, what we are looking at is something that’s happening now or is it anything in the pipeline that could happen, but I want to edge consumers even if it does happen.
Consumers will benefit when they repay their debts, for example, one of the proposals is to say that once a consumer settles a judgment, if you have a judgment, it will stay for five years under the proposal as soon as you settle your judgment, the information is removed, but if you do not settle your debt, the information will stay, so you still need to pay your debts.